Alexandria RE Equities Finishes Decking the Halls of $500 Million Center for Life Science-New York City

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Reported by Annette Kreuger, Industrial Info Resources (Sugar Land, Texas)--Everyone likes a gift that keeps on giving, and that is what New York City is hoping the newly completed Alexandria Center for Life Science will turn out to be. Developed by Alexandria Real Estate Equities Incorporated (NYSE:ARE) (Pasadena, California) and originally tagged the East River Science Park, the $500 million project is the first phase a life science park specifically designed to foster scientific, entrepreneurial and commercial collaboration.

In planning dating back to 2005 (Pharmaceutical Tracker - Online Database), the project is located at 450 East 29th Street in Manhattan on the East River. Alexandria was chosen by city officials for the project, thanks to its reputation as one of the world's top life science real estate investment trusts (REIT). This is just one of the company's numerous projects worldwide. It is a business model that has grown in popularity throughout the life science market: turn all the specs and headaches of construction over to a REIT or developer. In regard to this project, Alexandria will oversee all operations of the property.

The 300,000-square-foot first phase is part of a plan that calls for an eventual total of 1.1 million square feet of laboratory and office space to be developed on a 3.5-acre site along Manhattan's East Side medical life sciences corridor. In a coup for the city, cancer drug company Imclone Systems, which is a division of Eli Lilly & Company (NYSE:LLY) (Indianapolis, Indiana), snapped up 90,000 square feet of space in the center to house its new headquarters and research space. Other reportedly signed tenants include Kadmon Pharmaceuticals LLC (New York, New York), and Firmenich (Geneva, Switzerland).

Project team members include Tishman Construction (New York), which is serving as the owner's representative, and Turner Construction (New York), which is handling construction. Designed by RMJM (New York), the project's core and shell building design and construction are LEED-Silver certified.

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